Reserve Bank Cancels Certificate of Registration of Manipal Finance Corporation Limited, Bangalore
Case Brief
The Reserve Bank of India cancelled the certificate of registration issued to Manipal Finance Corporation Limited, whose registered office was at Manipal House, Manipal, Karnataka. The company had been carrying on the business of a non-banking financial institution. RBI said the cancellation was done under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, which governs registration and cancellation of NBFC certificates.
The Reserve Bank of India cancelled the certificate of registration issued to Manipal Finance Corporation Limited under Section 45IA of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution, and that RBI has the power under Section 45IA to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC's certificate of registration is a licence cancellation, which is severity 5.
The company can no longer carry on NBFC business under the cancelled certificate. Any ongoing non-banking financial institution activities would have to stop unless permitted through some other lawful arrangement; the action directly affects the entity and its customers/counterparties.
Published as Manipal Finance Corporation Limited
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